Switch to an interest only mortgage

In 2024, 2023 and 2022 we were voted the UK’s Best Mortgage Broker by our customers at the British Bank Awards. We specialise in helping buyers, movers and remortgages boost their affordability. Thousands have already used Tembo to discover how they could afford their dream home. Our smart decisioning tech and mortgage experts will find the best way to boost your budget from over 100 mortgage lenders, including high street banks and innovative first time buyer schemes. So you can get a solution in an instant, plus benefit from our expert advice and access some of the best rates available.

The benefit for most is that an interest only deal can lower your monthly outgoings significantly, and therefore can be a good solution to short-term financial strain. In turn, they could allow you to increase your borrowing, so if you're finding a lender won't let you borrow the amount you need to buy or remortgage, this could help.

As you will not be paying back your loan itself, you could end up paying significantly more interest in the long-run. Also, you might find the interest rate you get is higher than that of standard repayment mortgages. That's partly because there are fewer lenders who offer interest only mortgages, but also the rates are usually a bit higher.